Master Data is a complete, up-to-date, accurate information about products. Master data is positioned in a way to provide attributes or characteristics of an item, entity, or location etc. that is created by the owner of that item or entity.
Master data is critical for the retail supply chain. It is up to all stakeholders to ensure their data is current and maintained correctly. Master data plays a critical role in the supply chain. It is an enabler of core business functions such as ordering, merchandising, sales and marketing. Complete, correct, up-to-date, and clear product information is a prerequisite for optimum sales. Without correct master data, transactional and business processes cannot go smoothly. So many business functions rely on master data and when its integrity falls away it can cause serious disruptions.
Technology is increasing the importance of data integrity. Automation is driving the importance of getting product master data right. Consumers or shoppers want to know more about what they want to buy or consume such as ingredients and allergen statements, the manufacturer, expiring date etc.
Globally, master data attributes aid seamless business processes. Companies can make changes to their existing products at different points in time and it is important that these are communicated along the supply chain to all stakeholders.
All industry stakeholders can make accurate master data a reality for the smooth running of the business and foster efficiency among trading partner within the supply chain.
For more enquiries on Master Data, you can reach out to GS1 Nigeria.